why would a tax bill wipe out your equity at 60% loan to value?

How did you add value to the deal?

If you are going to add value to the house you might be able to get an equity line against the property to use to fix up the property or negotiate some repair money from the seller that you get at closing.

How did you add value to the deal?

Plenty of Jersey City examples and numbers for you as well, but the areas will match your price point and whether or not you want to do value add.

My sister recently moved to HI, and I figured that might be an interesting market because of high rents and HCOL - although also high property values.

Hey Rae, Not on here often but jumped on to see your post that I think i can bring value to from a Lenders perspective. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It still is very possible to find properties that meet the 1% rule without much difficulty; but it’s also tougher now to find a mortgage for anything valued under $100k – regardless of condition or P&L.To me, the shenanigans Code Enforcement continues to play on a new owner after a sale plus the recent increase on the annual rental registration fee really discourages buying more in the City.

Is there a way I can take on the current mortgage payments (at the low rate) and get a new mortgage to make up the difference between the existing mortgage and the current value?